- AI16Z hiked by 22% in 24 hours to hit a monthly high of $0.30.
- Buyers are dominating the market, signaling growing confidence as investors eyed a rally.
Over the past day, ai16z [AI16Z] has experienced a massive upswing on its price charts to break out of a month-long downtrend.
The memecoin surged from a local low of $0.22 to a high of $0.30 hitting a monthly high. In fact, as of this writing, AI16Z was trading at $0.30242. This marked a 22.45% increase in 24 hours.
On weekly charts, the memecoin was up by a whopping 123.11%, with an extension to this bullish outlook on monthly charts by 90%.
Amidst this price pump, the memecoin’s volume has also surged, rising by 188.64% to hit $564.1 million. Equally, the token’s Open Interest was up by 39%, reaching $132.75 million.
A combined surge in volume and Open Interest points towards high demand, with buyers entering the market to take strategic positions.
Therefore, most investors are actively opening new positions, reflecting growing positive sentiments. With the surge in prices, the question is whether AI16Z can hold the uptrend to finally rally.
Is AI16Z finally ready to rally?
According to AMBCrypto’s analysis, AI16Z experienced strong short-term bullish sentiment at press time.
Source: TradingView
Looking at AI16Z’s RSI, it has surged to an overbought zone to settle at 72, reflecting strong buying pressure. So, buyers have dominance in the market, leading to higher buying pressure.
This buying activity has strengthened the price momentum to the upside, as evidenced by the rising MACD.
Source: Coinalyze
Looking, further, the memecoin’s Funding Rate was holding within positive territory at press time, a sign of rising longs. Moreover, longs in Futures accounts were at 59.7% at press time, while shorts were at 40%.
The positive imbalance here means most market participants are bullish and expect AI16Z to rise further.
Source: Coinalyze
Simply put, AI16Z is experiencing strong momentum to the upside as buyers dominate the market. With bullish sentiments holding in the market, it positions the memecoin for more gains on its price charts.
If the current conditions hold for a sustained period, AI16Z will face the next significant resistance around $0.33. A move above this level will strengthen the memecoin to attempt $0.4.
However, if this attempt fails with holders who have been underwater over the past months turn to profit-taking, we could see a pullback to $0.26.
